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題名 電價對外人直接投資的影響
The impact of electricity prices on foreign direct investment
作者 陳鈺媚
Chen, Yu-Mei
貢獻者 陳鎮洲
陳鈺媚
Chen, Yu-Mei
關鍵詞 外人直接投資
相對電價
引力模型
跨國投資
能源成本
Foreign direct investment
Relative electricity price
Gravity model
Cross-border investment
Energy costs
日期 2025
上傳時間 4-Aug-2025 14:46:10 (UTC+8)
摘要 本研究旨在探討相對電價對外人直接投資(FDI)之影響,並以引力模型為理論基礎,建構多變數迴歸模型進行實證分析。研究資料涵蓋2005年至2023年27個國家的雙邊FDI流量,並引入相對電價(即投資國電價與地主國電價之比值)作為主要解釋變數,控制其他影響投資決策的變數如國內生產毛額(GDP)、人均GDP、距離、消費者物價指數(CPI)、人類發展指數(HDI)等,分析企業在跨國資源配置中對能源成本差異的敏感程度。 實證結果顯示,在整體樣本中,相對電價對FDI呈現統計上顯著之正向影響,表示當地主國電價較低、投資國電價較高時,更有助於吸引外資流入,顯示企業於投資決策中將能源成本納入區位考量。此外,投資國與地主國之GDP與人均GDP皆對FDI呈顯著正向影響,地理距離則顯著負向,符合引力模型之預期。至於CPI與HDI則未達顯著水準。 進一步區分資本密集與勞動密集國家後發現,相對電價對勞動密集國家之FDI影響較為顯著,顯示電價成本為影響該類國家投資吸引力的重要因素,而對資本密集國家則未呈現明確關聯。研究結果可為政府在規劃電價與投資政策時,提供能源成本與產業屬性結合之政策參考,並強調應從相對價格與結構性條件出發,提升吸引外資之整體競爭力。
This study aims to examine the impact of relative electricity prices on foreign direct investment (FDI), using the gravity model as the theoretical foundation and constructing a multivariate regression model for empirical analysis. The dataset covers bilateral FDI flows across 27 countries from 2005 to 2023, with relative electricity price—defined as the ratio of electricity prices between investing and host countries—serving as the main explanatory variable. Other key determinants of investment decisions, such as gross domestic product (GDP), GDP per capita, geographic distance, consumer price index (CPI), and human development index (HDI), are included to assess the sensitivity of firms to cross-border energy cost differentials in their global resource allocation. The empirical results show that, across the full sample, relative electricity prices have a statistically significant and positive effect on FDI. Specifically, when host countries have lower electricity prices relative to investing countries, FDI inflows increase, suggesting that energy costs are an important factor in location choices for multinational enterprises. In addition, both GDP and GDP per capita in investing and host countries are positively associated with FDI, while geographic distance has a significant negative impact, in line with the predictions of the gravity model. CPI and HDI, however, do not exhibit statistically significant effects. Further analysis distinguishing between capital-intensive and labor-intensive countries reveals that relative electricity prices have a stronger and more significant impact on FDI in labor-intensive countries, indicating that electricity costs are a key factor influencing investment attractiveness in these regions. Conversely, no clear relationship is found for capital-intensive countries. These findings provide policy implications for governments, suggesting that energy pricing strategies should be aligned with industrial characteristics and that improving structural conditions and maintaining favorable relative energy costs are essential to enhancing national competitiveness in attracting FDI.
參考文獻 壹、中文部分 Enda Curran、Saleha Mohsin(2024)。疫情以來美國吸引了全球近三分之一跨境投資 中國占比下降逾一半。Bloomberg(雅虎財經轉載)。 https://hk.finance.yahoo.com/news/疫情以來美國吸引了全球近三分之-跨境投資-中國占比下降逾-半-112052013.html 優分析產業數據中心(2024)。印度斥資330億美元豪擲煤電設備,電力需求狂飆,台灣能源轉型啟示何在?優分析。https://uanalyze.com.tw/articles/280425595 文余源(2008)。FDI理論與區位決策研究述評。地理科學進展,27(2),60–62。 易起宇(2024年2月21日)。歐洲FDI下滑 疫情來首見。聯合新聞網–經濟日報。 https://udn.com/news/story/6811/7939101 李文煉(2007)。台灣製造業對外直接投資進入模式之決定因素〔未出版之碩士論文〕。國立政治大學行政管理碩士學程。 李育仁(2023)。外人直接投資對開發中國家經濟成長的影響:以中國大陸為例(未出版之碩士論文)。東吳大學國際經營與貿易學系。 林薏禎(2024年1月3日)。印度欲扭轉去年FDI大減情勢 目標年均吸金千億美元。鉅亨網。https://news.cnyes.com/news/id/5514580 沈晉瑋(2019)。關稅與賦稅政策對我國外人直接投資的實證分析〔未出版之碩士論文〕。國立臺灣大學社會科學院經濟系在職專班。 經濟部(2024)。112年度全國電力資源供需報告。https://www.moea.gov.tw/Mns/populace/news/News.aspx?kind=1&menuid=40&news_id=115389 經濟部(2024)。韓國工業電價3年漲8成 我國電價仍遠低於國際 保有產業競爭力。 https://www.moea.gov.tw/MNS/populace/news/News.aspx?kind=1&menu_id=40&news_id=113946 胡為善(2017)。影響外人直接投資因素之跨國比較分析〔未出版之碩士論文〕。中原大學企業管理學系。 邱明斌(2024)。地緣政治風險對未來直接投資的影響-以東亞新興國家為例〔未出版之碩士論文〕。國立中央大學國家政策與公共事務研究所。 陳明潔(2005)。區域經濟整合對貿易留兩影響之研究—引力模型之驗證〔未出版之碩士論文〕。國立政治大學行政管理碩士學程。 陳莘縈(2012)。影響台灣FDI的因素〔未出版之碩士論文〕。國立中正大學經濟學系:碩士。 陳郁淇(2024)。印度政府規劃在海外設立投資辦事處協助外國人投資印度。經濟部國際貿易署。https://www.trade.gov.tw/Pages/Detail.aspx?nodeid=45&pid=790869 黃智聰、歐陽宏(2006)。世界各國對中國大陸直接投資決定因素之研究。遠景基金會季刊,7(2),139-178。 黃登興、黃幼宜(2006)。兩岸三地貿易流量的變遷—引力模型的驗證。台灣經濟預測與政策,36(2),47-75。   貳、 外文部分 Buckley, P. J., & Casson, M. (1976). The future of the multinational enterprise. Macmillan. Dunning, J. H. (1977). Trade, location of economic activity and the multinational enterprise. In B. Ohlin, P.-O. Hesselborn, & P. M. Wijkman (Eds.), The international allocation of economic activity (pp. 395–418). Macmillan. Hymer, S. H. (1960). The international operations of national firms: A study of direct foreign investment (Doctoral dissertation). Massachusetts Institute of Technology, Department of Economics. https://dspace.mit.edu/handle/1721.1/27375 Inglesi-Lotz, R., & Ajmi, A. N. (2021). The impact of electricity prices and supply on attracting FDI to South Africa. Environmental Science and Pollution Research, 28(22), 28444–28455. https://link.springer.com/article/10.1007/s11356-021-12777-1 Kojima, K. (1978). Direct foreign investment: A Japanese perspective. Hitotsubashi Journal of Economics, 19(1), 1–12. Organisation for Economic Co-operation and Development (OECD). (n.d.). Foreign direct investment (FDI) [Indicator]. OECD iLibrary. https://www.oecd-ilibrary.org/finance-and-investment/foreign-direct-investment-fdi/indicator-group/english_9a523b18-en Saidi, H., El Montasser, G., & Doytch, N. (2022). The interplay between financial development, electricity consumption and foreign direct investment in the GCC countries: New insights from GMM panel VAR. Energy Sources, Part B: Economics, Planning, and Policy, 17(1). https://www.researchgate.net/publication/364617104_The_interplay_between_financial_development_electricity_consumption_and_foreign_direct_investment_in_the_GCC_countries_new_insights_from_GMM_panel_VAR Saussay, A., & Sato, M. (2024). The impact of energy prices on industrial investment location: Evidence from global firm-level data. Journal of Environmental Economics and Management, 127, 102992. https://www.sciencedirect.com/science/article/pii/S0095069624000664 Tinbergen, J., & Hendricus, C. (1962). Mathematical models of economic growth. McGraw Hill. Vernon, R. (1966). International investment and international trade in the product cycle. Quarterly Journal of Economics, 80(2), 190–207. https://www.jstor.org/stable/1880689 World Bank. (2015). Doing business 2016: Measuring regulatory quality and efficiency. https://www.doingbusiness.org/content/dam/doingBusiness/media/Annual-Reports/English/DB16-Full-Report.pdf
描述 碩士
國立政治大學
行政管理碩士學程
112921034
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112921034
資料類型 thesis
dc.contributor.advisor 陳鎮洲zh_TW
dc.contributor.author (Authors) 陳鈺媚zh_TW
dc.contributor.author (Authors) Chen, Yu-Meien_US
dc.creator (作者) 陳鈺媚zh_TW
dc.creator (作者) Chen, Yu-Meien_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:46:10 (UTC+8)-
dc.date.available 4-Aug-2025 14:46:10 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:46:10 (UTC+8)-
dc.identifier (Other Identifiers) G0112921034en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158639-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 行政管理碩士學程zh_TW
dc.description (描述) 112921034zh_TW
dc.description.abstract (摘要) 本研究旨在探討相對電價對外人直接投資(FDI)之影響,並以引力模型為理論基礎,建構多變數迴歸模型進行實證分析。研究資料涵蓋2005年至2023年27個國家的雙邊FDI流量,並引入相對電價(即投資國電價與地主國電價之比值)作為主要解釋變數,控制其他影響投資決策的變數如國內生產毛額(GDP)、人均GDP、距離、消費者物價指數(CPI)、人類發展指數(HDI)等,分析企業在跨國資源配置中對能源成本差異的敏感程度。 實證結果顯示,在整體樣本中,相對電價對FDI呈現統計上顯著之正向影響,表示當地主國電價較低、投資國電價較高時,更有助於吸引外資流入,顯示企業於投資決策中將能源成本納入區位考量。此外,投資國與地主國之GDP與人均GDP皆對FDI呈顯著正向影響,地理距離則顯著負向,符合引力模型之預期。至於CPI與HDI則未達顯著水準。 進一步區分資本密集與勞動密集國家後發現,相對電價對勞動密集國家之FDI影響較為顯著,顯示電價成本為影響該類國家投資吸引力的重要因素,而對資本密集國家則未呈現明確關聯。研究結果可為政府在規劃電價與投資政策時,提供能源成本與產業屬性結合之政策參考,並強調應從相對價格與結構性條件出發,提升吸引外資之整體競爭力。zh_TW
dc.description.abstract (摘要) This study aims to examine the impact of relative electricity prices on foreign direct investment (FDI), using the gravity model as the theoretical foundation and constructing a multivariate regression model for empirical analysis. The dataset covers bilateral FDI flows across 27 countries from 2005 to 2023, with relative electricity price—defined as the ratio of electricity prices between investing and host countries—serving as the main explanatory variable. Other key determinants of investment decisions, such as gross domestic product (GDP), GDP per capita, geographic distance, consumer price index (CPI), and human development index (HDI), are included to assess the sensitivity of firms to cross-border energy cost differentials in their global resource allocation. The empirical results show that, across the full sample, relative electricity prices have a statistically significant and positive effect on FDI. Specifically, when host countries have lower electricity prices relative to investing countries, FDI inflows increase, suggesting that energy costs are an important factor in location choices for multinational enterprises. In addition, both GDP and GDP per capita in investing and host countries are positively associated with FDI, while geographic distance has a significant negative impact, in line with the predictions of the gravity model. CPI and HDI, however, do not exhibit statistically significant effects. Further analysis distinguishing between capital-intensive and labor-intensive countries reveals that relative electricity prices have a stronger and more significant impact on FDI in labor-intensive countries, indicating that electricity costs are a key factor influencing investment attractiveness in these regions. Conversely, no clear relationship is found for capital-intensive countries. These findings provide policy implications for governments, suggesting that energy pricing strategies should be aligned with industrial characteristics and that improving structural conditions and maintaining favorable relative energy costs are essential to enhancing national competitiveness in attracting FDI.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 5 第三節 研究流程 6 第二章 文獻探討與回顧 7 第一節 外人直接投資定義 7 第二節 外人直接投資理論 7 第三節 吸引外人直接投資之相關文獻 9 第四節 引力模型之相關文獻 11 第五節 電價之相關文獻 13 第三章 研究方法與設計 15 第一節 變數說明與模型建構 15 一、引力模型之變數闡述 15 二、研究樣本與範圍 16 三、變數設定 16 四、變數說明 18 五、研究假說 19 六、模型前置檢定 19 七、模型建構 22 第二節 實證方法 23 一、敘述統計分析 23 二、Pearson相關係數檢定 23 三、迴歸分析 24 第四章 實證結果分析 30 第一節 敘述統計分析 30 一、敘述性統計量 30 二、Pearson相關係數分析 33 第二節 迴歸分析 36 一、相對電價 37 二、GDP、人均GDP 38 三、距離 39 四、消費者物價指數 39 五、人類發展指數 40 六、資本密集國家與勞動密集國家 41 第五章 結論與建議 46 第一節 研究結論 46 一、研究發現與結論 46 二、政策建議 48 第二節 未來研究建議 51 一、研究限制 51 二、未來研究建議 51 參考文獻 53zh_TW
dc.format.extent 1687708 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112921034en_US
dc.subject (關鍵詞) 外人直接投資zh_TW
dc.subject (關鍵詞) 相對電價zh_TW
dc.subject (關鍵詞) 引力模型zh_TW
dc.subject (關鍵詞) 跨國投資zh_TW
dc.subject (關鍵詞) 能源成本zh_TW
dc.subject (關鍵詞) Foreign direct investmenten_US
dc.subject (關鍵詞) Relative electricity priceen_US
dc.subject (關鍵詞) Gravity modelen_US
dc.subject (關鍵詞) Cross-border investmenten_US
dc.subject (關鍵詞) Energy costsen_US
dc.title (題名) 電價對外人直接投資的影響zh_TW
dc.title (題名) The impact of electricity prices on foreign direct investmenten_US
dc.type (資料類型) thesisen_US
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